Here’s a profile of a mystery airline. Does it sound like a financial success? Airline X has set a record for annual passengers carried in eight of the last nine years, with traffic up 5.1% year-over-year in its most recent full year and up 43.8% compared to 2000. Base flight ticket revenue is increasing at an even faster pace, rising 8.5% year-over-year in the most recent full year. Ticket revenue is up 73.4% compared to 2000. On the carrier’s most important route, which ...

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